Sears Layoffs Top 6,000, Closing Over 110 Outlets

Oct.23.14 | About: Sears Holdings (SHLD)


Closures include 55 Kmart, 30 Sears and 31 Sears Auto Center locations.

6,067 workers will lose their jobs.

Pennsylvania, Michigan and Indiana are hardest hit.

[This article is now out of date. For the latest store closures, read here.]

[Update: Nine additional Kmart stores have been added to this list since publication. Those stores are in Centre, AL; Claymont, DE; New Port Richey, FL; Forest Park, IL; Iron Mountain, MI; Reidsville, NC; Warren, PA; Dickson, TN and Dale City, VA.]

Sears Holdings Corp. (NASDAQ: SHLD) is laying off at least 6,067 workers and closing over 110 Kmart, Sears and Sears Auto Center locations, many before Christmas.

Sears spokesman Howard Riefs declined to speak by phone. "We disclose our store counts at the end of each quarter," he said via email. "We don't have further comment."

Riefs' name, however, appears at the bottom of individual liquidation sale notices sent to local media since mid-September. Inquiries with stores, mall managers and reporters across the country reveal that at least 55 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers are scheduled to close before the end of January. Most notably, Sears is liquidating its location at the largest mall in America, the King of Prussia Mall in suburban Philadelphia, and will instead sublet the space to Primark, a low-cost Irish apparel chain. Sears closed its flagship Chicago store in April. More closures could be added, as new liquidations have become public as recently as Wednesday. The following table will be updated.

(Story continues below.)

All things must go: Exclusive list of closures at Sears Holdings Corp.

[This chart is now out of date. For the latest store closures, read here.]

State City Store Location Layoffs Liquidation Begins Closes
AL Centre Kmart 1525 Chestnut Byp. 54 November 2 January 18
AL Dothan Sears + Auto 662 W Main St. 68 September 26 Early December
AL Huntsville Kmart Huntsville Center 73 November 2 Mid January
CA Rocklin Kmart 5615 Pacific St. 63 October 31 Mid January
CA Yuba City Kmart 850 Gray Ave. 63 September 28 December 7
CT Torrington Kmart 681 Main St. 73 September 28 Early December
DE Claymont Kmart 333 Naamans Rd. 87 Late September Early December
FL Clearwater Sears Auto Only Westfield Countryside 21 N/A September 13
FL Naples Kmart Park Shore Plaza 72 November 2 Mid January
FL New Port Richey Kmart 5725 US 19 58 September 28 Early December
FL Winter Springs Kmart 1425 Tuskawilla Rd. 69 November 2 Mid January
FL Zephyrhills Kmart 7422 Gall Blvd. 68 September 28 Early December
IA Ames Kmart 1405 Buckeye Ave. 44 September 28 Early December
IA Clive Kmart 10331 University Ave. 49 September 26 Early December
IA Fort Dodge Sears + Auto Crossroads Mall 41 October 31 Mid January
IL Bloomington Kmart Colonial Plaza 79 November 2 Mid January
IL Danville Sears + Auto Village Mall 63 September 26 Early December
IL Forest Park Kmart 7630 W Roosevelt Rd. 107 September 28 Early December
IL Forsyth Sears + Auto Hickory Point Mall 45 September 26 Early December
IL Peoria Kmart Evergreen Square 73 September 28 Early December
IN Bedford Kmart Town Fair Center 62 September 28 December
IN Decatur Kmart 804 S 13th St. 49 September 28 Early December
IN Fort Wayne Kmart 820 N Coliseum Blvd. 69 September 28 Early December
IN Greenwood Kmart 860 Hwy. 31 S 78 November 2 Mid January
IN Indianapolis Sears + Auto Washington Square Mall 91 September 28 Early December
IN Indianapolis Kmart 2715 Madison Ave. 131 September 28 Early December
IN Indianapolis Kmart 7425 E Washington St. 139 September 28 Early December
IN Muncie Kmart 1501 E McGalliard Rd. 59 September 28 December
KS Wichita Sears + Auto Towne West Square 103 September 26 Early December
KY Owensboro Sears + Auto Towne Square Mall 52 September 26 Early December
MD Baltimore Kmart Northwest Plaza 107 September 28 Early December
ME Presque Isle Sears + Auto Aroostook Centre Mall 63 October 31 January 18
MI Ann Arbor Kmart Maple Village 59 November 2 Mid January
MI Bay City Sears + Auto Bay City Mall 47 October 31 Mid January
MI Burton Kmart 1145 N. Belsay Rd. 85 September 28 Early December
MI Flint Kmart 3083 Miller Rd. 81 September 28 Early December
MI Iron Mountain Kmart 1800 S Stephenson Ave. 54 November 2 Mid January
MI Madison Heights Kmart 29101 John R Rd. 179 September 28 Early December
MI Port Huron Kmart 1179 32nd St. 188 September 28 Early December
MI Rochester Hills Kmart 1100 S Rochester Rd. 77 September 28 Early December
MI Waterford Sears + Auto Summit Place Mall 75 September 26 Early December
MN Anoka Kmart 1100 W Main St. 47 September 28 Early December
MN Blaine Kmart 8949 University Ave. NE 60 September 28 Early December
MN Burnsville Kmart 14230 Burnhaven Dr. 62 September 28 Early December
MN Waite Park Kmart 40 2nd St. S 57 September 28 Early December
MO Florissant Kmart Dunn Center 100 September 28 Early December
MT Bozemann Kmart 1126 N 7th Ave. 37 November 2 Mid January
MT Great Falls Sears + Auto Holiday Village Mall 65 September 26 Early December
NC Cary Sears Only Cary Towne Center 66 October 31 Mid January
NC Gastonia Sears + Auto Eastridge Mall 65 September 19 December 19
NC Kinston Kmart Kinston Square 64 September 28 Early December
NC Reidsville Kmart 1623 Way St. 54 September 28 Early December
ND Dickinson Kmart Prairie Hills Mall 41 September 28 Early December
NE Omaha Kmart 13405 W Maple Rd, 50 September 28 Early December
NH Claremont Kmart 367 Washington St. 59 September 28 Early December
NJ Paramus Kmart 859 N Route 17 74 September 21 Early December
NJ Randolph Kmart 140 Route 10 91 October 5 December
NM Albuquerque Kmart Hilltop Plaza 59 September 28 December 7
NY Auburn Sears + Auto Fingerlakes Mall 51 October 31 Mid January
NY Ithaca Sears + Auto Ithaca Mall 37 September 26 December
NY Massena Sears + Auto St. Lawrence Centre 51 October 31 Mid January
NY Syracuse Kmart Erie Blvd E 92 November 2 Mid January
OH Fairborn Kmart Five Points Plaza 66 September 28 Early December
OH Marion Sears Auto Only Southland Mall 9 N/A September 27
OH Solon Sears + Auto 6221 SOM Center Rd. 53 September Early December
OH Springfield Kmart 1476 Upper Valley Pike 68 September 28 Early December
OK Enid Sears + Auto Oakwood Mall 38 October 31 Mid January
OR Albany Sears + Auto Heritage Mall 57 October 31 Mid January
PA Bloomsburg Sears + Auto Columbia Mall 57 October 31 January 18
PA Chambersburg Sears + Auto Chambersburg Mall 62 October 31 Mid January
PA Frackville Sears + Auto Schuylkill Mall 84 October 31 Mid January
PA King of Prussia Sears + Auto King of Prussia Mall 114 October 24 Early December
PA Lebanon Sears + Auto Lebanon Plaza 51 October 31 Mid January
PA Rochester Kmart 300 Brighton Ave. 78 September 28 Early December
PA Tarentum Sears + Auto Galleria at Pittsburgh Mills 97 October 31 Mid January
PA Warren Kmart 1666 Market St. 62 September 28 December 7
PA West Mifflin Sears + Auto Century III Mall 88 September 26 Early December
SC Myrtle Beach Kmart 1403 N Kings Hwy. 59 September 28 Early December
TN Dickson Kmart 301 Henslee Dr. 65 September 28 Mid November
UT Woods Cross Kmart 680 W 2600 S 54 September 28 Early December
VA Chesapeake Sears + Auto Chesapeake Square 82 October 31 Mid January
VA Dale City Kmart 2851 Dale Blvd. 69 September 26 Early December
VA Front Royal Kmart Royal Plaza 88 November 2 Mid January
VT Rutland Sears + Auto Diamond Run Mall 65 September 26 Early December
WI Glendale Sears + Auto Bayshore Town Center 67 September 26 Early December
WI Janesville Kmart 2233 Old Humes Rd. 70 September 28 Early December
WV Bluefield Sears + Auto Mercer Mall 64 September 26 Early December
Click to enlarge

[Update: A previous version of this story said the Washington Square Mall Sears and Sears Auto Center in Evansville, Indiana were closing. It is in fact the Washington Square Mall Sears and Sears Auto Center in Indianapolis, Indiana that are closing. The Evansville locations will remain open, according to Sears spokesman Howard Riefs.]

States hardest hit by the closures include Pennsylvania, Michigan and Indiana, as well as New York, Florida, Ohio, Illinois and Minnesota. Many of the shutdowns have dealt blows to malls and surrounding communities that were already in decline. Other shopping centers quickly revealed new tenants as replacements.

These closures add to the 96 stores Sears Holdings announced it had closed in the first half of fiscal 2014. That compares to 93 locations shuttered in all of 2013. Riefs would not explain whether these earlier numbers count Sears Auto Centers separately from Sears department stores. Some Sears and Sears Auto Center locations are closing independently of each other, and liquidation notices refer to the two formats separately.

In brief statements to local media, Sears said the closures were part of an effort to "reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model." But some analysts have been more fatalistic about the company's prospects, warning that Sears is "burning furniture to stay warm," that the company has "entered the swirling black vortex," and that "this is the end" for the retailer. Sears has responded to similarly negative analysis as being "very one-sided," adding, "We have substantial resources available to us to fund our transformation."

Revenue at Sears has declined for 30 straight quarters. The Hoffman Estates, Illinois-based company has posted losses of over $1.8 billion over the past four quarters, and shares in the retailer have lost more than a third of their value over the past year. Bloomberg reported earlier this month that at least one vendor has halted shipments to the company, adding that insurers have cut coverage for Sears' suppliers, raising questions among observers about the company's ability to secure merchandise for the holiday period. But Sears called that report "misleading" and asserted that its stores are well-stocked.

Liquidating stores isn't the only way Sears is raising cash. The company has announced a variety of other initiatives to boost liquidity, including a $400 million loan from CEO Edward S. Lampert's eponymous hedge fund, ESL Investments, announced in September; $168 million raised from selling Sears Canada stock to ESL earlier this month; and a $625 million bond offering announced on Monday, which ESL will also participate in.

The Fitch credit rating agency downgraded Sears' issuer default rating to "CC" last month.

Shares in Sears Holdings were down 1.06% Wednesday to close at $34.42.

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